Currency Korea: history and modern oriental money

first Korean paper banknotes were issued at the beginning of the XX century - it was a currency in denominations of 1 Vaughn.Prior to that coin in circulation were Korean Yangi.From 1910 to 1945, the monetary unit of Korea, then part as a result of the annexation of the Empire of Japan, the yen was Korean.V1945 was, at the end of World War II, Korea was declared independent and divided into North and South Korea.Since then, the two countries go to 2 different currencies.

Currency North Korea

Currently, North Korea is called the Korean People's Democratic Republic - North Korea.After the partition of Korea, North Korea was declared the territory of influence of the USSR, in connection with which from 1945 until 1947 on its territory, in addition to the Korean yen, the won also used the military issue, printed in the USSR.Since 1947, the official currency of North Korea became North Korean Won (Won North Korea).Yen were exchanged for the won at the rate of 1: 1.In 2009, the government of the DPRK has

put into circulation a new sample Won announcing denomination old out for two weeks at the rate of 100: 1 and 1000: 1 in case of exceeding the set daily rate of exchange.This course denominations led to mass impoverishment and social unrest.

international designation of the DPRK Won - KVP.One is 100 Won chonam.Are in circulation paper wons worth 10, 50, 100, 500, 1,000 and 5,000 won, as well as aluminum coins of 5 and 1 out, 1 and 5 chon.According to the law of the DPRK, foreigners must pay on its territory only in specialty stores and only in foreign currency - the euro, at least in dollars.Using North Korean won foreigners prohibited the export of national currency for the redistribution of state denied.North Korean won exchange for other currencies available on the "black" market, but this may result in the confiscation of money, arrest or deportation.For the citizens of the DPRK to January 1, 2010 introduced a ban on the use of foreign currency in the territory of the State - the payment for goods and services provided in the national currency.

Currency South Korea

South Korea is now known as the Republic of Korea.After the end of World War II and until 1953, the monetary unit of South Korea were the yen and the Korean Won the old model.In 1953, South Korean Hwang were introduced - the won were denominated at the rate of 100: 1.SinceSouth Korea is the area of ​​influence of the United States, the rate of Hwang was heavily tied to the dollar.Over the course of nine years Hwan against the dollar it fell steadily, reaching in 1961 the level of 1300 Hwang = 1 dollar.To stabilize the currency in 1962, the national currency of South Korea was declared the South Korean won.Exchange Hwang Won conducted for new at the rate of 10: 1.To strengthen the new currency, its course was artificially attached to the dollar at the rate of 125 won = $ 1.In 1980 began a gradual transition to a floating exchange rate, which is used in South Korea and now.

international designation of the South Korean won - KWR.In circulation are banknotes nominal value of 500 to 10,000 won and coins from 10 to 500 won.In 2006, after problems with counterfeit currency in South Korea began to issue banknotes with special protection, which includes 10 features and is a feature of modern Won compared to other currency.